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March 25 (Reuters) - Shares of Bain Capital-owned Diversey Holdings Ltd fell more than 10% in their stock market debut on Thursday, fetching a valuation of $4.1 billion for the provider of cleaning and hygiene products.
Diversey’s stock opened at $13.5 on the Nasdaq, below its initial public offering (IPO) price of $15 per share. The company raised $692 million from its offering of about 46.2 million shares on Wednesday.
It had initially aimed for a price between $18 and $21 per share for its offering.
Diversey’s lackluster debut comes despite record activity in U.S. capital markets, with most companies enjoying eye-popping first days on bourses.
The Fort Mill, South Carolina-based company provides sanitation products, for which demand has skyrocketed during the COVID-19 pandemic, to sectors including food and beverage, healthcare, hospitality and retail.
Founded in 1923, Diversey has seen multiple owners along the years including the Molson Companies, best known for being North America’s oldest brewery, and Unilever.
Bain had bought Diversey in 2017 from Sealed Air Corp for about $3.2 billion and later merged it with another company, UK-based Zenith Hygiene Group.
Citigroup, Morgan Stanley, Barclays and JP Morgan are the lead underwriters for Diversey’s offering. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Ramakrishnan M.)